PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK.
|
|
- Lewis Kelley
- 5 years ago
- Views:
Transcription
1 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK. Technical Guide Survivor s Discretionary Trust Deed
2 2 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK INTRODUCTION. This guide has been written to explain what a Survivor s Discretionary Trust is, and how to place a Legal & General protection policy in our Survivor s Discretionary Trust. We ve tried to use plain language to keep this guide easy to understand. You ll find explanations of any technical terms we use in the glossary on page 8 of this document. Whenever terms covered in the glossary appear in the main text, we ve highlighted them in blue. We also have a range of online support to help you place your policy in trust. TRUST INFORMATION. WHAT IS A SURVIVOR S DISCRETIONARY TRUST? A Survivor s Discretionary Trust is a legal arrangement which allows the owners of a life policy (the settlors) to give their policy to a trusted group of people (the trustees), who look after it. At some time in the future they pass it on to some people from a group that the settlors have decided (the beneficiaries). The trustees have discretion about which of the beneficiaries to pass it on to, how much each will get, and when. However, if one of the settlors survives the first to die by 30 days, the trust fund will pass to the surviving settlor. When a life policy is looked after in this way, it is said to be in trust. The life policy which is in trust, and any payment received from the life policy are called the trust fund. This guide assumes that a Legal & General life policy will be the only asset in the trust. WHAT ARE SOME OF THE MAIN BENEFITS OF USING A SURVIVOR S DISCRETIONARY TRUST? Using a Survivor s Discretionary Trust for a life policy has lots of practical and financial benefits. For example: Inheritance Tax It should help to ensure that if you both die within 30 days of each other, any money paid out from the life policy would not be part of your estate, helping to minimise Inheritance Tax. Tax is covered in more detail on pages 6 and 7. Quicker pay out It should help to ensure that the money paid out from the life policy can be paid to the right people quickly, without the need for lengthy legal processes. When you die, your personal representatives will need to obtain probate so that they have the authority to deal with your estate. In England and Wales either a grant of probate or grant of letters of administration is issued to your personal representatives. This process takes time and if you die without having made a will it takes even longer. Since the trustees are the owners of a policy placed in trust they do not have to go through this process in order to make a claim. Control of funds By placing your policy in trust, you can indicate who you want the proceeds to be paid to. A trust can control when the money from the life policy will be paid out. This can ensure that children receive some financial support from the money, but do not have full access to it. Our draft Survivor s Discretionary Trust deed makes placing a life policy in trust easy, and Legal & General provide this service to our customers for free. WHO S INVOLVED IN A SURVIVOR S DISCRETIONARY TRUST? There are three important roles: The settlors The people giving away their life policy are called the settlors. Once the settlors have put their life policy into trust they no longer personally own it and have limited rights to say how it s dealt with. However, the settlors are still usually responsible for paying the policy premiums, and are two of the trustees. The settlors choose the trustees and the beneficiaries, and can give the trustees guidance on how they would like the trust fund to be used via a letter of wishes. The beneficiaries The people who can receive payment from the trust fund are called the beneficiaries. The people who may be a beneficiary are listed in the trust deed, but no beneficiary is guaranteed to receive any of the trust fund. The trustees The trustees take legal ownership of the trust fund from the settlors. They then look after the trust fund, and, following a claim on the policy will make arrangements for payments to the beneficiaries. The trustees have discretion about which beneficiaries named in the trust will receive the trust fund and when. However, they must act in the best interests of the beneficiaries at all times and can only do what is allowed in the trust deed.
3 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK 3 SETTING UP A SURVIVOR S DISCRETIONARY TRUST WITH A LEGAL & GENERAL PROTECTION POLICY. WHAT ARE THE IMPORTANT DOCUMENTS? There are three key documents: The Survivor s Discretionary Trust deed This is the legal document that creates the trust. The settlors and the trustees must sign it. It names the parties involved, says what roles they have, and gives details of the life policy which is being put into trust. The provisions in the trust deed are the basis of the trust arrangement. The trustees must act according to the trust deed, and cannot do anything that the trust deed doesn t allow. The letter of wishes As the trustee will have lots of decisions to make, the settlors can provide a letter of wishes, to help explain what they would like to happen to the trust fund. Unlike the trust deed, the trustee does not have to follow the letter of wishes. However, trustees usually find it to be a helpful guide on how best to manage and distribute the trust fund to the beneficiaries. A draft is available from Legal & General at The policy documents These include the policy documentation, which contain all the important information about the life policy, which forms the trust fund. CAN ANY POLICY BE PUT IN LEGAL & GENERAL S SURVIVOR S DISCRETIONARY TRUST? Legal & General s Survivor s Discretionary Trust can only be used for joint life, first death Legal & General protection policies. The trust can be used for new or existing policies. It should not be used for policies for business assurance (e.g. key person or shareholder protection), Relevant Life Plans, or for a pension term assurance (e.g. Tax Efficient Life Insurance Plan ( TELIP )). For more details please speak with your financial adviser. WHAT IF I HAVE CRITICAL OR TERMINAL ILLNESS COVER? The Survivor s Discretionary Trust automatically makes you the beneficiary of any proceeds arising from a claim as a result of a critical or terminal illness as described in the policy (if your policy has those benefits). If you do not want to keep these benefits for yourself and would rather they were held for the beneficiaries of the trust then please sign the box(es) in clause 7 of Part B of the trust. CAN I GIVE THE TRUST A NAME? Yes. You can give the trust a name in clause 5 of Part B. You do not have to give the trust a name if you do not want to. CAN I EVER CANCEL THE TRUST? No, not usually. However, there may be circumstances when a policy can be taken out of trust. You should contact your legal adviser for advice.
4 4 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK TRUSTEE INFORMATION. WHAT ARE THE MAIN DUTIES OF A TRUSTEE? The trustees must understand the terms of the trust, and mustn t do anything that is not allowed by the trust or by the law. The trustees must act in the best interests of the beneficiaries, and exercise a high degree of care and honesty and must all agree when making trust decisions. The trustees must keep clear and accurate records and accounts of trust property and ensure that all tax, which the trust is liable for, is paid. Being a trustee is an important responsibility, however it is unlikely that the trustees will need specific detailed knowledge of trust law to enable them to act effectively. Usually, the trustees will not have much to do until the time comes to make a claim. The trustees can seek professional advice should the need arise. The key thing is that they act honestly and in the best interests of the beneficiaries. Further information for trustees is available in our separate guide, Your Guide to Being a Trustee. WHO CAN I APPOINT AS A TRUSTEE? Generally anyone, but the people appointed must be over 18 years of age and of sound mind. The trustees should be people who the settlors believes will act in the best interests of the beneficiaries. It is also a good idea for them to be resident in the United Kingdom for tax reasons. Solicitors and accountants can act as trustees but they will charge for their services. CAN I BE A TRUSTEE? Yes. The Survivor s Discretionary Trust automatically makes you a trustee. CAN I APPOINT ADDITIONAL TRUSTEES IN THE FUTURE? Yes, with our Survivor s Discretionary Trust the settlors have the power to appoint additional trustees at any time. After you die, the trustees will have the power to appoint additional trustees. HOW MANY TRUSTEES SHOULD I CHOOSE? It is a good idea to have at least two trustees at any time. For this reason, it is normally sensible to appoint at least two trustees in addition to yourself. WHAT HAPPENS IF A TRUSTEE DIES? If a trustee dies, the remaining trustees can still carry on with the role, but a replacement could be appointed. If the trustee was the last surviving trustee, their legal personal representatives will have the power to appoint additional trustees or take over as trustees themselves. WHAT CAN THE TRUSTEES DO IF I DON T PAY THE POLICY PREMIUMS? As legal owners of the policy, the trustees can arrange for the premiums to be paid but they are not obliged to make sure this happens or pay the premiums themselves. The trust will come to an end if, as a result of the premiums not being paid, the policy lapses with no value. WHAT HAPPENS IF A TRUSTEE NO LONGER WANTS TO BE A TRUSTEE? A trustee can retire from the trust with the consent of the other trustees, provided that there are at least two trustees following the retirement.
5 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK 5 HOW DO THE TRUSTEES MAKE A CLAIM? In the event of your death the trustees will need to send the following items to Legal & General s Customer Claims Department: 1. Survivor s Discretionary Trust deed (and any subsequent deeds) 2. The original policy documentation 3. A death certificate The address to send these items to is: Legal & General Customer Claims Department City Park The Droveway Hove East Sussex BN3 7PY Once the claim is accepted, the trustees will be paid by direct credit. For other claims, please call us on freephone: For terminal illness claims For critical illness claims We may record and monitor calls. BENEFICIARY INFORMATION. WHO IS AUTOMATICALLY A BENEFICIARY OF THE SURVIVOR S DISCRETIONARY TRUST? The Survivor s Discretionary Trust contains a list of the discretionary beneficiaries in clause 4 of Part B of the trust. This list includes: Your children or grandchildren (and their spouses or registered civil partners) Anyone descended from your mother or father (and those descendents spouses or registered civil partners) Anyone who may benefit from your residuary estate Any additional beneficiary you name as an Additional Beneficiary (for example, the name of a co-habitee) Any person or charity you later name in a deed of addition CAN WE BE BENEFICIARIES? With the Survivor s Discretionary Trust a surviving settlor will only benefit if they survive the first to die by 30 days. WHAT IF THE BENEFICIARIES ARE STILL UNDER 18 WHEN THE POLICY PROCEEDS ARE PAID OUT? The trustees will have the power to invest the proceeds, and may be able to make payments out to support the beneficiaries.
6 6 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK INHERITANCE TAX INFORMATION. Whilst a policy in the Survivor s Discretionary Trust will not usually form part of your estate for Inheritance Tax purposes, if one of the settlors survives the death of the first settlor by 30 days the proceeds are payable to the survivor and will form part of the survivor s estate. In addition, on some other occasions there is a potential for an Inheritance Tax charge to apply. These are summarised below, however if you are unsure about this or require more detail, you should discuss this with your adviser or a tax professional. ENTRY CHARGE FOR EXISTING POLICIES Where an existing policy is placed into a Survivor s Discretionary Trust an entry charge may apply. Currently, individuals have an annual gift exemption of 3,000 each. As such, if the open market value of a policy falls within the annual exemption (and provided that this allowance is not used for other gifts) there will be no entry charge. Where a term assurance policy with no surrender value is placed in trust, provided that the life assured is in good health the open market value of the policy for Inheritance Tax purposes is likely to be negligible. Therefore, even if the annual gift exemption did not apply, the tax charge on entry would be nil. For some policies, such as whole of life policies, the value of the policy for Inheritance Tax purposes is deemed to be the higher of the open market value of the policy (considered in the same way as described above) and the value of the premiums paid to date. It is unlikely to have a negligible value. If no exemption applies to the policy, the value of the policy should be added together with the value of all chargeable lifetime transfers made by you in the seven years immediately prior to setting up the trust. If this exceeds the nil rate band applicable at the time the trust is created, Inheritance Tax will be due on the excess value of the gift at the lifetime rate. The nil rate band is currently 325,000 each (up to and including the tax year 2017/18) and the lifetime rate is 20% if the trustees pay any tax (and an effective rate of 25% if you pay any tax). ENTRY CHARGE FOR THE PAYMENT OF PREMIUMS Inheritance Tax may be payable on premiums as they are considered to be a transfer of value. However, currently, individuals have an annual gift exemption of 3,000 each. If this exemption is not used for other gifts, and if the premiums paid fall within the annual exemption there will be no entry charges for premiums. In addition, individuals have an Inheritance Tax exemption for normal expenditure out of income. If premiums fall within this exemption there will be no entry charge. In order for the exemption to apply, it would need to be shown that the payment of premiums comes out of your income, that it leaves you with sufficient income to maintain your normal standard of living and that it was made as part of your normal expenditure. If an exemption does not apply, then the premiums will be chargeable lifetime transfers, and an entry charge may apply. Inheritance Tax will be due if the value of the premiums (after deducting any Inheritance Tax exemptions) together with the value of all chargeable lifetime transfers made by you in the seven years immediately prior to setting up the trust exceeds the applicable nil rate band. This will be due on the excess value of the gift at the lifetime rate. The nil rate band is currently 325,000 each (up to and including the tax year 2017/18) and the lifetime rate is 20% if the trustees pay any tax (or at an effective rate of 25% if you pay any tax). Example David and Tracey Smith take out a term assurance policy for 500,000 and the monthly premium is The value of the policy when they create the trust is nil as they are in good health. The value of the policy and the premiums are less than the combined annual gift exemption of 6,000 per year so they fall within their annual gift exemptions. The premiums are therefore not treated as chargeable transfers and an entry charge does not apply.
7 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK 7 PERIODIC CHARGE An Inheritance Tax liability may arise on each 10-year anniversary of the creation of the trust. The charge is based on the value of the property in the trust, which is referred to as relevant property. Before a claim is made, the value of the relevant property is based on the value of the policy, and as long as the life assured is in good health, the value of a term assurance policy for Inheritance Tax is likely to be negligible. A periodic charge may become payable when you die as the policy proceeds will then be in trust. The maximum rate of tax that can be charged on the relevant property is currently 6%. This applies to the value of the assets which exceed the nil rate band available to the trust. Example At every 10-year anniversary, as long as they are in good health, a term assurance policy will have little or no value. This means that there won t be a periodic charge. EXIT CHARGE An Inheritance Tax liability may arise where capital leaves the trust. For example, a charge may arise where the trustees pay the policy proceeds to a beneficiary following a claim. This will usually only happen if the trustees paid an Inheritance Tax charge on the last 10-year anniversary or at the start of the trust, if that was less than 10 years ago. In either case, the rate of tax payable as an exit charge is currently a maximum of 6%. However, this rate only applies to the value of the assets in excess of the nil rate band available to the trust. Example David dies 8 years after the trust was created and the policy proceeds are paid to the trustees. An exit charge will not apply, as long as the trustees distribute the money before the next 10-year anniversary. DEATH OF THE SETTLOR Where Inheritance Tax exemptions cover the payment of premiums (or the transfer of an existing policy) to the trust, there should be no charge on the death of the settlor with respect to those exempt transfers. However, an Inheritance Tax liability could arise if either settlor dies within seven years of making a chargeable transfer into the trust. If the value of the gift together with the value of all chargeable transfers (including potentially exempt transfers that have subsequently become chargeable due to the settlor s death) made by the settlor in the seven years prior to the gifts in to the trust, exceeds the nil rate band applicable at the time of the settlor s death, Inheritance Tax will be due on the excess value. This will be at the death rate of up to 40%, however, any entry charges paid can be deducted from this liability. Taper relief should also be available to reduce the amount of tax payable for gifts made prior to three years before either settlor s death. DEATH OF A BENEFICIARY The death of a beneficiary under the Survivor s Discretionary Trust is very unlikely to have any Inheritance Tax consequences for the trust. REDUCED INHERITANCE TAX RATE FOR ESTATES LEAVING 10% OR MORE TO CHARITY A reduced rate of Inheritance Tax from 40% to 36% may apply where 10% or more of a deceased s net estate is left to charity. For details of whether this might be applicable to you please speak to your Financial Adviser or Solicitor.
8 8 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK GLOSSARY. Annual gift exemption Gifts in any one tax year that total 3,000 or less are exempt from Inheritance Tax. Where any part of the exemption is unused it can be carried forward to the following tax year. Chargeable lifetime transfer For Inheritance Tax purposes a gift (that is not otherwise exempt) made during life to a Survivor s Discretionary Trust. Where the value of the transfer is more than the available nil rate band Inheritance Tax is payable on the gift. Inheritance Tax A tax which may be payable on certain transfers of assets, for example, a gift. Inheritance Tax may also be payable on certain deemed or hypothetical transfers of assets, for example, on each 10 year anniversary of a Survivor s Discretionary Trust or on death. Life assured The person upon whose death (or diagnosis of a critical or terminal illness as defined in the policy (if included)) the amount of cover will become payable. The benefits will be payable on the first of the lives assured to die. Nil rate band The amount of an individual s estate, which is subject to Inheritance Tax at 0%. Potentially exempt transfer For Inheritance Tax purposes it includes a gift (that is not otherwise exempt) made during life to an individual or an Absolute Trust. No Inheritance Tax is payable at the time a potentially exempt transfer is made. Probate The authority given by the court to your personal representatives to deal with your estate following your death. Residuary estate The part of the estate of a deceased person that remains after the specific gifts, taxes, debts etc have been dealt with. Settlor The people putting the policy into the trust. Taper relief For Inheritance Tax purposes, the reduction of tax payable on a sliding scale should the settlor die between three and seven years following the making of a gift.
9 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK 9 IMPORTANT NOTES. We have written this guide to give you general information about placing your Legal & General protection policy in trust. It is not intended to replace legal advice. If this trust does not meet your needs then you should talk to your legal and your financial advisers. We have based the information in this guide on our understanding of the laws relating to trusts and Inheritance Tax as at 1st December Although we have made every effort to make sure that the information is accurate, we cannot take legal responsibility for any particular statements. This guide is based on our understanding of current law and HMRC practice, which can change. In preparing this guide we have assumed that only Legal & General s Survivor s Discretionary Trust is to be used in conjunction with Legal & General s joint life, first death protection policies. We can also provide deeds for joint life, first death policies where the survivor does not wish to receive the death benefit, Flexible (interest in possession) Trust deeds and Absolute Trust deeds. The information in this guide does not apply to business protection, Legal & General have separate literature for business protection. Please see your financial adviser for more details.
10 10 PROTECTION GIFT TRUSTS SURVIVOR S DISCRETIONARY TRUST PACK NOTES.
11 Legal & General Assurance Society Limited Registered in England and Wales No Registered office: One Coleman Street, London EC2R 5AA Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. W /16
PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK.
PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK. Technical Guide Flexible Trust Deed 2 PROTECTION GIFT TRUSTS FLEXIBLE TRUST PACK INTRODUCTION This guide has been written to explain what a Flexible Trust is,
More informationPROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK.
PROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK. Technical Guide Absolute Trust Deed 2 PROTECTION GIFT TRUSTS ABSOLUTE TRUST PACK INTRODUCTION This guide has been written to explain what an Absolute Trust is,
More informationPROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK.
PROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK. Technical Guide Discretionary Trust Deed PROTECTION GIFT TRUSTS DISCRETIONARY TRUST PACK 2 INTRODUCTION. This guide has been written to explain what a Discretionary
More informationSurvivor s Discretionary Trust deed
Protection Gift Trusts Survivor s Discretionary Trust deed Checklist Before sending the Trust to Legal & General, have you... 1. Inserted the policy number (if known) in the box below 2. Dated the Trust?
More informationCopies or derivatives of the document may not be sold, marketed, or used for commercial gain.
IMPORTANT INFORMATION This information may be downloaded to your PC in whole or in part provided that any reproduction or copy, or any derivative, is true to the original, and it is EITHER used for personal
More informationGifting to Grandchildren
Gifting to Grandchildren Taylor & Taylor Financial Services Ltd are authorised and regulated by the Financial Conduct Authority (FCA) No. 448774. 2 Simplicity is the ultimate sophistication. Leonardo da
More informationKey Person Protection Technical Guide. Your guide to Key Person Protection
Your guide to Key Person Protection Contents 3 Your guide to key person protection 6 What are the key taxation effects for Companies and Limited Liability Partnerships? 8 Tax and trust information for
More informationKEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION.
KEY PERSON PROTECTION TECHNICAL GUIDE YOUR GUIDE TO KEY PERSON PROTECTION. 2 KEY PERSON PROTECTION TECHNICAL GUIDE CONTENTS YOUR GUIDE TO KEY PERSON PROTECTION 3 WHAT ARE THE KEY TAXATION EFFECTS FOR COMPANIES
More informationCustomer Guide Prudence Inheritance Bond
Customer Guide Prudence Inheritance Bond Prudence Inheritance Bond Inheritance tax might be called the voluntary tax as there is much that you can do to reduce it or not pay it at all. Inheritance Tax
More informationSETTLOR/DONOR S GUIDE
legal & general discounted gift SCHEME SETTLOR/DONOR S GUIDE Inheritance tax planning. For settlor/donors with a potential UK inheritance tax (IHT) liability. This is an important document. Please keep
More informationFlexible Trust - Settlor as trustee with optional survivorship clause. Your questions answered
Flexible Trust - Settlor as trustee with optional survivorship clause Flexible Trust - Settlor as trustee with optional survivorship clause Understanding trusts and their implications can be pretty complicated.
More informationGuide to trusts. A brief guide to Trusts and our Trustbuilder tool. Trusts the basics. Settlor makes a gift to the trust
Guide to trusts A brief guide to Trusts and our Trustbuilder tool This brief guide explains some of the main features and benefits of our trusts, and gives you some information to help you decide whether
More informationBUSINESS PROTECTION LEGAL & GENERAL S BUSINESS PROPERTY WILL TRUST SOLUTION.
BUSINESS PROTECTION LEGAL & GENERAL S BUSINESS PROPERTY WILL TRUST SOLUTION. 2 BUSINESS PROTECTION CONTENTS INHERITANCE TAX PLANNING WITH BUSINESS PROPERTY WITHOUT WILL TRUST PLANNING WITH WILL TRUST PLANNING
More informationFlexible Trust. Important notes. 1. This documentation has been produced for consideration by you and your legal advisers.
Flexible Trust Important notes Before completing the Flexible Trust Deed, please read the following notes: 1. This documentation has been produced for consideration by you and your legal advisers. The
More informationDiscounted Gift Trust
Discounted Gift Trust pru.co.uk Contents Inheritance tax planning 3 What can the Discounted Gift Trust do for you? 4 Choice of trusts and inheritance tax 5 How does the trust work? 7 Income tax 9 How to
More informationGuide to trusts. A brief guide to Trusts and our Trustbuilder tool
Guide to trusts A brief guide to Trusts and our Trustbuilder tool A Brief guide to Trusts and our Trustbuilder tool Introduction This brief guide explains some of the main features and benefits of our
More informationKEY FEATURES. This is an important document. Please keep it safe for future reference.
SELECT PORTFOLIO BOND (WEALTH MANAGERS) KEY FEATURES. This is an important document. Please keep it safe for future reference. Legal & General select portfolio bond 2 Select Portfolio Bond (WEAltH MANAGerS)
More informationA plan for every business
A plan for every business With 99.9% of the UK s businesses being SMEs and more than half of these having no protection in place, there s an opportunity for your business. We ve produced this guide to
More informationDiscounted Gift Plan. Using a Standard Life International Bond or Onshore Bond Questions and answers
Discounted Gift Plan Using a Standard Life International Bond or Onshore Bond Questions and answers Important information for the Settlor, Trustees and their adviser(s) Estate planning needn t be taxing
More informationDiscretionary Trust Deed
Discretionary Trust Deed 2 What is it? A discretionary trust designed for use with life assurance plans including investment bonds. The settlor (the person creating the trust) cannot benefit from the trust.
More informationGift Plan Using a Standard Life International Bond or Onshore Bond Questions and answers
Gift Plan Using a Standard Life International Bond or Onshore Bond Questions and answers Important information for the Settlor, Trustees and their adviser(s) Estate planning needn t be taxing These questions
More informationA GUIDE TO INHERITANCE TAX PLANNING
A GUIDE TO INHERITANCE TAX PLANNING 02 A guide to Inheritance Tax planning CONTENTS Page What is Inheritance Tax (IHT)?...3 What happens if the nil rate band isn t used...3 Included in your estate...4
More informationPrudence Inheritance Bond. Key Features
Prudence Inheritance Bond Key Features If you are applying on, or after, 1 January 2018, you should read our Key Information Document and relevant Investment Option Document(s). Contents About the Prudence
More informationFLEXI-ACCESS DRAWDOWN MEMBER S GUIDE.
Personal Pension Plan No.1 (PPNo.1), Group Personal Pension Plan No.1 (GPPNo.1) and Buy Out Plan (BOP) FLEXI-ACCESS DRAWDOWN MEMBER S GUIDE. This is an important document that you should read and keep
More informationGroup Protection. Helping you understand Excepted Group Life Policies (EGLP)
Group Protection Helping you understand Excepted Group Life Policies (EGLP) Group Protection a helpful guide to excepted group life policies 2 Contents 3 Introduction 4 The different types of group life
More informationGROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP).
GROUP PROTECTION HELPING YOU UNDERSTAND EXCEPTED GROUP LIFE POLICIES (EGLP). 2 CONTENTS. 3 INTRODUCTION. This document gives you information about EGLP and answers the following questions: What is an EGLP?
More informationA brief guide to our Flexible Trust
A brief guide to our Flexible Trust A Trust is a legal document and Trust Laws are complex, often with a lot of confusing legal jargon. At British Seniors we pride ourselves on doing the right thing by
More informationSELECT PORTFOLIO BOND (WEALTH MANAGERS) KEY FEATURES. This is an important document. Please keep it safe for future reference.
SELECT PORTFOLIO BOND (WEALTH MANAGERS) KEY FEATURES. This is an important document. Please keep it safe for future reference. 2 SELECT PORTFOLIO BOND (wealth managers) KEY FEATURES ABOUT US. The Legal
More informationUsing trusts with life policies
Using trusts with life policies A customer guide to our Flexible Trust Contents Part 1 - first direct Customer Guide: Flexible Trust for Life Policies 3 Why use a trust 3 What is a trust 3 Advantages of
More informationA guide to inheritance tax (IHT)
A guide to inheritance tax (IHT) Important notice This guide has been designed to provide general information about inheritance tax ( IHT ) and should not be regarded as investment or taxation advice.
More informationLoan Plan. Using a Standard Life International Bond or Onshore Bond Questions and answers
Loan Plan Using a Standard Life International Bond or Onshore Bond Questions and answers Important information for the Settlor, Trustees and their adviser(s) Estate planning needn t be taxing These questions
More informationGift Plan. Using a Standard Life International Bond or Onshore Bond Questions and answers
Gift Plan Using a Standard Life International Bond or Onshore Bond Questions and answers Important information for the Settlor, Trustees and their adviser(s) Estate planning needn t be taxing These questions
More informationA GUIDE TO INCOME DRAWDOWN.
PORTFOLIO PLUS PENSIONS A GUIDE TO INCOME DRAWDOWN. FOR USE WITH: PORTFOLIO PLUS PENSION PORTFOLIO PLUS SELF INVESTED PERSONAL PENSION This is an important document that you should retain. PORTFOLIO PLUS
More informationAegon pilot trust a guide
For financial advisers only Aegon pilot trust a guide This communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. The information contained in it reflects
More informationA brief guide to Trusts and our Trustbuilder tool
guide to guide to trusts trusts A brief guide to Trusts and our Trustbuilder tool A Brief guide to Trusts and our Trustbuilder tool Introduction This brief guide explains some of the main features and
More informationPension death benefits discretionary trust.
retirement annuity contract Pension death benefits discretionary trust. IMPORTANT NOTES before completing this Trust, please read the following notes. 1. This documentation has been produced for consideration
More informationHelping you understand inheritance tax planning
Helping you understand inheritance tax planning As Benjamin Franklin said, In this world nothing is certain but death and taxes. Inheritance tax (IHT) is where the two meet up. It is a tax on what you
More informationPension death benefits discretionary trust.
PersonaL Pension/staKehoLder/siPP/buy out PLan Pension death benefits discretionary trust. IMPORTANT NOTES before completing the Discretionary Trust, please read the following notes. 1. This documentation
More informationInternational Portfolio Bond Discretionary Will Trust for married couples or registered civil partners
International Portfolio Bond Discretionary Will Trust for married couples or registered civil partners This draft Discretionary Will Trust is provided as specimen wording for possible inclusion within
More informationthe discounted gift trust discretionary version We ll help you get there
the discounted gift trust discretionary version investments pensions PROTECTION We ll help you get there contents at a glance introduction 3 about Old Mutual Wealth 4 what is a trust? 4 why use a trust
More informationGuide to Trusts. What is a trust?
Guide to Trusts What is a trust? A trust is a legal arrangement. It allows the owner of property to transfer legal ownership of that property to another person or company. The person or company receiving
More informationKEY FEATURES OF THE PORTFOLIO BOND.
PORTFOLIO BOND KEY FEATURES OF THE PORTFOLIO BOND. This is an important document. Please keep it safe for future reference. INSURANCE. SAVINGS. INVESTMENT MANAGEMENT. GLOSSARY. AN ExPLANATION OF SOmE common
More informationSETTLOR/DONOR S GUIDE FOR CANADA LIFE INTERNATIONAL ASSURANCE (IRELAND) DAC DISCOUNTED GIFT SCHEME
THE INTERNATIONAL PORTFOLIO BOND SETTLOR/DONOR S GUIDE FOR CANADA LIFE INTERNATIONAL ASSURANCE (IRELAND) DAC DISCOUNTED GIFT SCHEME Inheritance tax planning. For settlors/donors with a potential UK inheritance
More informationDiscretionary Discounted Gift Trust. Adviser s Guide
Discretionary Discounted Gift Trust Adviser s Guide Adviser s Guide to the Discretionary Discounted Gift Trust This guide is for use by Financial Advisers only. It is not intended for onward transmission
More informationf o r F i n a n c i a l a dv i s e r s
STATE LAN ING ND A summary f o r F i n a n c i a l a dv i s e r s For financial adviser use only. Not to be distributed to, or relied upon by, retail clients. Utmost Wealth Solutions is the brand name
More informationFLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference.
FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES. FOR AN ADDITIONAL PLAN. This is an important document. Please keep safe for future reference. 2 FLEXIBLE MORTGAGE ISA PLAN KEY FEATURES FOR AN ADDITIONAL PLAN ABOUT
More informationGuide to the Old Mutual Wealth Best Start in Life Trust
Guide to the Old Mutual Wealth Best Start in Life Trust We regularly update our literature; you or your financial adviser can confirm that this March 2018 version is the latest by checking the literature
More informationTRANSFER APPLICATION FORM.
PERSONAL PENSION SCHEME NO.1 TRANSFER APPLICATION FORM. This application is to be used only for transferring other pensions to an existing Personal Pension Scheme No.1 plan. This application can only be
More informationthe discounted gift trust bare version
the discounted gift trust bare version contents at a glance introduction 3 about Old Mutual Wealth 4 what is a trust? 4 why use a trust for IHT planning? 5 who is involved with a discounted gift trust
More informationAdviser guide The Discretionary Gift Trust
This document is for investment professionals only and should not be relied upon by private investors. Adviser guide The Discretionary Gift Trust FundsNetwork Trusts Contents 1 The FundsNetwork Discretionary
More informationl your guide To THe LoAN TruST an trust
an rust your guide TO THE LOAN TruS T Utmost Wealth Solutions is the brand name used by a number of Utmost companies. This item is issued by Utmost Limited and Utmost Ireland dac. 3 BEFORE YOU BEGIN 4
More informationKEY FEATURES. RDR. This is an important document that you should read and keep in a safe place. You may need to read it in the future.
RDR PORTFOLIO PLUS PENSION KEY FEATURES portfolio plus pension 1 KEY FEATURES. This is an important document that you should read and keep in a safe place. You may need to read it in the future. 2 PORTFOLIO
More informationDiscounted Gift Scheme. Will your estate be hit by Inheritance Tax? Inheritance tax planning. A guide to how it works. For UK residents only
Inheritance tax planning Will your estate be hit by Inheritance Tax? Discounted Gift Scheme A guide to how it works For UK residents only The tax information provided in this Guide is a summary based upon
More informationESTATE PLAN NING B P RODUCT GUIDE ND
STATE LAN ING ND PRODUC T G U I D E Utmost Wealth Solutions is the brand name used by a number of Utmost companies. The Estate Planning Bond is issued by Utmost Limited. 3 BEFORE YOU BEGIN 4 WHY INVEST
More informationRetirement Annuity Contracts (Section 226) Buy-Out Plans (Section 32)
Retirement Annuity Contracts (Section 226) Buy-Out Plans (Section 32) Declaration of trust Guidance notes These notes are designed to explain the consequences of completing the Declaration of trust ( the
More informationCOCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING
COCKBURN LUCAS INDEPENDENT FINANCIAL CONSULTING Guide to Inheritance Tax Contents This guide provides general guidance only and should not be relied on for major decisions on property or tax. You should
More informationHelping your loved ones. Simple steps to providing for your family and friends
Helping your loved ones Simple steps to providing for your family and friends Contents 01 How can I take control of who gets what? 02 Inheritance Tax 05 Do you know how much you re worth? 07 Making lifetime
More informationYOUR GUIDE TO PENSION TRANSFERS INFORMED.
YOUR GUIDE TO PENSION TRANSFERS INFORMED. This guide is all about the things you need to think about if you re considering transferring your pension. It s about helping you to weigh up the pros and the
More informationA GUIDE TO WILLS AND PROBATE
A GUIDE TO WILLS AND PROBATE A GUIDE TO Wills & Probate the Aim of this book is to guide you through the importance of making a will, the rules of intestacy and how to deal with obtaining a grant of probate.
More informationDISCOUNTED GIFT & INCOME TRUST CREATING FIXED TRUST INTERESTS
DISCOUNTED GIFT & INCOME TRUST CREATING FIXED TRUST INTERESTS PAGE 1 THE DISCOUNTED GIFT & INCOME TRUST (CREATING FIXED TRUST INTERESTS) EXPLAINED THE INHERITANCE TAX ISSUE PAGE 2 HOW THE TRUST WORKS PAGE
More informationADDING TO YOUR PLAN ABOUT THIS DOCUMENT. WHAT IS THE PLAN? MANAGING YOUR PLAN. PERSONAL PENSION NO.1 PLAN AND GROUP PERSONAL PENSION NO.
PERSONAL PENSION NO.1 PLAN AND GROUP PERSONAL PENSION NO.1 PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions
More informationFor advisers only. Not for use with customers. Your guide to the Absolute Gift Trust
For advisers only. Not for use with customers. Your guide to the Absolute Gift Trust Contents Background 3 What is the Absolute Gift Trust? 4 Who is the Trust suitable for? 4 How the Trust works 5 Questions
More informationFor Adviser use only Not approved for use with clients. Estate Planning
For Adviser use only Not approved for use with clients Adviser Guide Estate Planning Contents Inheritance tax: Facts and figures 4 Summary of IHT rules 5 Choosing a trust 8 Prudence Inheritance Bond (Discounted
More informationFinancial planning. A guide to estate planning
Financial planning A guide to estate planning The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance should not
More informationA GUIDE TO. PrOTECTING wealth. FOr GENErATIONs
FINANCIAL GUIDE A GUIDE TO ESTATE PRESERVATION PrOTECTING wealth FOr GENErATIONs Pennymatters Ltd is authorised and regulated by the Financial Conduct Authority. It is entered on the FCA register (www.fca.org.uk)
More informationIHT GUIDE. Inheritance Tax Guide 2013/14
IHT GUIDE Inheritance Tax Guide 2013/14 1 Introduction From 9th October 2007, it is now possible for spouses and civil partners to transfer their nil rate band allowances so that any part of the nil-rate
More informationSTAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN
STAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN 2 STAKEHOLDER PENSION PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions
More informationfacilitated adviser charges This is an important document. Please keep it safe for future reference.
SELECT PORTFOLIO BOND (WEALTH MANAGERS) facilitated adviser charges GUIDE. This is an important document. Please keep it safe for future reference. 2 select portfolio bond (WEALTH Managers) facilitated
More informationRESIDENCE NIL-RATE BAND: TAPERING, TRANSFERABILITY AND TRUSTS
TECHTALK This article originally appeared in OCT 17 edition of techtalk. Please visit www.scottishwidows.co.uk/techtalk for the latest issue. RESIDENCE NIL-RATE BAND: TAPERING, TRANSFERABILITY AND TRUSTS
More informationhow an Old Mutual Wealth discounted gift trust can help you
how an Old Mutual Wealth discounted gift trust can help you Reduce your potential UK inheritance tax liability contents at a glance Introduction 3 How IHT could affect you 4 The IHT dilemma 4 What is a
More informationZurich International Portfolio Bond
Zurich International Portfolio Bond Bare Discounted Gift Trust adviser guide For intermediary use only not for use with your clients. Contents Introduction 3 1. The main benefits of the Bare Discounted
More informationOCTOPUS. Trust Transfer Pack INHERITANCE TAX SERVICE. Got a question? Return your completed form and documents to:
OCTOPUS INHERITANCE TAX SERVICE Trust Transfer Pack Return your completed form and documents to: Octopus Investments Limited PO Box 10847 Chelmsford CM99 2BU Got a question? Please speak to your adviser
More informationThis Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust:
GGA1568 FLEXIBLE TRUST FORM This Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust: Individual Plan issued in connection with your past
More informationPOLICY SUMMARY. Over 50s Life Insurance
POLICY SUMMARY Please keep this document in a safe place for future reference together with your Policy Terms and Conditions and Policy Schedule. AA Over 50s Life Insurance is provided by Legal & General.
More informationADDING TO YOUR PLAN ABOUT THIS DOCUMENT. WHAT IS THE PLAN? MANAGING YOUR PLAN. PERSONAL PENSION 2000 PLAN
PERSONAL PENSION 2000 PLAN ADDING TO YOUR PLAN ABOUT THIS DOCUMENT. This document gives you the important information you need when making additional contributions or transferring the value of other pension
More informationDiscounted Gift (Bare) Trust. Adviser s Guide
Discounted Gift (Bare) Trust Adviser s Guide Adviser s Guide to the Discounted Gift (Bare)Trust This guide is for use by Financial Advisers only. It is not intended for onward transmission to a private
More informationFind out more. Calls may be recorded. Minicom and Saturday 9am-1pm. Lines open Monday to Friday 8am-6pm.
The Royal Bank of Scotland plc. Registered in Scotland. No. 83026. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. RBS EAS001 30 April 2018 Find out more Discover how the Royal Bank Estate Administration
More informationYOUR QUESTIONS ANSWERED.
PENSION FREEDOMS YOUR QUESTIONS ANSWERED. We ve put together some information to help you understand the options available if you re thinking about accessing your pension pot. This booklet should be read
More informationGuide to Estate Preservation
JANUARY 2018 Guide to Estate Preservation Passing on your wealth in the most tax-efficient way Fish Financial Ltd Gostrey House, Union Rd, Farnham GU9 7PT Tel: 01252 931265 Web: www.fishfin.co.uk Email:
More informationInheritance Tax Planning
A Guide to Inheritance Tax Planning Preserving and Passing your wealth Protecting wealth 02 Welcome A Guide to Inheritance Tax Planning Welcome to our guide to Inheritance Tax, dedicated to helping you
More informationEXCEPTED GROUP LIFE POLICY TERMS AND CONDITIONS.
GROUP PROTECTION EXCEPTED GROUP LIFE POLICY TERMS AND CONDITIONS. ABOUT THESE TERMS AND CONDITIONS. This document and our quote describe the Excepted Group Life Policy terms and conditions for employers
More informationc o n v e r s i o n g u i d e
ISC UN ED GIFT RUST c o n v e r s i o n g u i d e Utmost Wealth Solutions is the brand name used by a number of Utmost companies. This item has been issued by Utmost Limited. 3 10 4 12 5 13 BEFORE YOU
More informationFor financial adviser use only. Not approved for use with customers. Aviva Pension Portfolio Trust. Adviser guide
For financial adviser use only. Not approved for use with customers. Aviva Pension Portfolio Trust Adviser guide What is the Aviva Pension Portfolio Trust? The is an integrated pension trust which places
More informationAlliance Trust Savings Platform Products Key Facts for Advised Clients
Alliance Trust Savings Platform Products Key Facts for Advised Clients June 2018 2 Key Facts: Alliance Trust Savings Platform Products CONTENTS This is a Key Facts Document (KFD) giving you important information
More informationGifts and inheritance tax
Gifts and inheritance tax A guide for clients www.bwm.co.uk 0151 236 1494 How gifts can reduce your liability for inheritance tax. Inheritance tax (IHT) at 40% is due on the portion of a person s estate
More informationKeeping it in the family
Keeping it in the family How to reduce an inheritance tax bill In this guide we explain: How inheritance tax works Why you need an up-to-date will The value of gifting assets during your lifetime The most
More informationA GUIDE TO YOUR LEGAL & GENERAL PENSION AND LIFE ASSURANCE SCHEME. EMPLOYEE BENEFIT: PENSION AND LIFE ASSURANCE
A GUIDE TO YOUR LEGAL & GENERAL PENSION AND LIFE ASSURANCE SCHEME. EMPLOYEE BENEFIT: PENSION AND LIFE ASSURANCE 2 INTRODUCTION. As an employee of Legal & General you are able to become a member of our
More informationFor adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance
For adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance Introducing Relevant Life Insurance We ve designed Relevant Life Insurance specifically
More informationMEMBER S POLICY BOOKLET.
STAKEHOLDER PENSION SCHEME MEMBER S POLICY BOOKLET. Stakeholder Pension Plan including the Group Stakeholder Pension Plan. This is an important document. Please keep it safe for future reference. 2 STAKEHOLDER
More informationDiscretionary Trust PD (EP)
Discretionary Trust PD (EP) for existing Pension Buyout Plans and Retirement Annuity Contracts This trust incorporates By-pass provisions (see Explanatory Notes). Important If you are not sure this form
More informationguide to your Old Mutual International
guide to your Old Mutual International Trust Company Enhanced Loan Trust investments pensions the Old Mutual International Trust Company Enhanced Loan Trust More and more people are finding themselves
More informationBY-PASS TRUST FOR USE WITH DEATH BENEFITS UNDER A LONDON & COLONIAL SIPP CLIENT GUIDE (April 2011)
CONTENTS BY-PASS TRUST FOR USE WITH DEATH BENEFITS UNDER A LONDON & COLONIAL SIPP CLIENT GUIDE (April 2011) 1. INTRODUCTION SIPPs AND INHERITANCE TAX 2. DEATH BENEFITS THAT CAN BE PAID UNDER THE LONDON
More informationThis is just for UK advisers - it's not for use with clients. A creative approach to inheritance tax planning Prudence Inheritance Bond
This is just for UK advisers - it's not for use with clients Adviser Guide A creative approach to inheritance tax planning Prudence Inheritance Bond Contents 1. Prudence Inheritance Bond a discounted
More informationOver 50s life insurance
Provided by Legal & General Over 50s life insurance Policy summary Please keep together in a safe place for future reference with your Policy Terms and Conditions and Policy Schedule. Policy summary Welcome
More informationBypass Trust PSBT
Bypass Trust Important PSBT30 0214 This trust is only suitable if you the Settlor, your Trustees and all of your Beneficiaries are resident in the UK and intend to remain resident in the UK. If you and
More informationYour guide to UK inheritance tax and trusts. Guide for UK domicile investors only. April We ll help you get there
Your guide to UK inheritance tax and trusts Guide for UK domicile investors only April 2017 investments pensions PROTECTION We ll help you get there introduction This guide is designed to give you a basic
More informationJames Hay Wrap. Trust and tax planning guide
ADVISER GUIDE James Hay Wrap Trust and tax planning guide This booklet is intended as a practical guide for advisers who have clients using the James Hay Partnership Wrap platform. For these clients we
More informationUntangling inheritance tax. An Octopus guide
Untangling inheritance tax An Octopus guide This guide is for UK residents interested in finding out more about inheritance tax. Octopus offers several investment portfolios that can benefit from relief
More information1
Estate Planning and Elderly Law Definitions We've put together a list of terms you will come across during the process of estate planning. The following guide looks to explain these terms and help you
More informationADVISER GUIDE. WAY Flexible Inheritor Plan. Adviser guide - Technical and Tax Questions and Answers
ADVISER GUIDE WAY Flexible Inheritor Plan Adviser guide - Technical and Tax Questions and Answers For professional advisers only For plans with an appointed investment adviser WAY Flexible Inheritor Plan
More information